The Commodity Futures Trading Commission (CFTC) today announced the U.S. District Court for the Southern District of New York entered supplemental consent orders against Caroline Ellison, former Alameda CEO, and Gary Wang, former Alameda and FTX co-founder.

The orders require Ellison and Wang to continue cooperating with the Commission, impose a five-year trading ban and a 10-year registration ban on Ellison, and impose a five-year trading ban and an eight-year registration ban on Wang.

These bans run from the date of entry of the initial consent orders.

The court entered an initial consent order on Dec. 23, 2022, against Ellison, finding her liable on both fraud counts of the CFTC’s amended complaint. The same day, the court also entered an initial consent order against Wang, finding him liable on the single fraud count charged against him. The initial consent orders also permanently enjoined Ellison and Wang from violating the antifraud provisions of the Commodity Exchange Act and Commission regulations, as charged.

The initial and supplemental consent orders resolve the CFTC’s enforcement actions against Ellison and Wang.

The supplemental orders acknowledge the Commission is not seeking restitution, disgorgement, and/or civil monetary penalties at this time. This decision is based, in part, on the level of Ellison’s and Wang’s cooperation in the Commission’s investigation and related proceedings, in which they each pled guilty to several criminal charges, including conspiracy to commit commodities fraud — and the $11.020 billion forfeiture order in the criminal actions, for which they were jointly and severally liable.

In December 2022, the CFTC announced the filing of a complaint in the U.S. District Court for the Southern District of New York against Samuel Bankman-Fried, FTX Trading Ltd. d/b/a FTX.com, and Alameda Research LLC. The CFTC complaint was filed about a month after FTX filed for Chapter 11 bankruptcy in Delaware.